in News Departments > FYI
print the content item

Tonbridge Power Inc., through its wholly owned subsidiary as borrower, Montana Alberta Tie Ltd. (MATL), has entered into a letter of intent with its customer, NaturEner USA LLC, whereby NaturEner will prepay approximately $35 million of revenues from years 11 to 25 of its transmission rights agreement.

MATL has entered into a number of transmission rights agreements, including with NaturEner, regarding transmission capacity that will be made available through the construction and operation of an approximately 214 mile, 230 kV AC transmission line between Lethbridge, Alberta and Great Falls, Mont., and contemporaneous upgrading of the related Great Falls substation. The prepayment will be applied to construction costs relating to the project. The completion of the proposed prepayment will represent a significant component of the financing necessary for construction of the project to proceed.

The terms of the prepayment will be finalized in definitive agreements and are expected to include security interests in favor of NaturEner, which will be subordinate to senior credit facilities entered into by Tonbridge. Drawings on the prepayment will be made rateably with and proportionate to any advances on senior credit facilities that are arranged in conjunction with the project. Availability of the prepayment will be subject to conditions precedent.

The letter of intent also calls for NaturEner to arrange with an investment-grade counterparty to provide 10 years of investment-grade credit support for its payment obligations.

SOURCE: Tonbridge Power Inc.

Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Are Fitch Ratings' Claims About Wind Farm Underperformance Unfounded?

A recent report from Fitch Ratings suggests that wind farms underperform due to an overestimation of wind resources, but AWS Truepower says the analysis misses the mark.


SunEdison Buying First Wind In $2.4 Billion Deal

Global solar company SunEdison and its yeildco have announced an agreement to buy the Boston-based developer, a major player in the U.S. wind industry.


U.S., China Reach Ambitious Climate Change Accord

The agreement between the global superpowers leans heavily on the deployment of renewable energy, such as wind and solar.


What The Midterm Elections Mean For The U.S. Wind Industry

Both chambers of Congress are now under Republican control for the first time since 2006. How will wind energy fare?


GE Blade Crashes At Mehoopany Wind Farm In Pennsylvania

The turbine manufacturer says the Nov. 2 incident is "isolated and unrelated" when compared to earlier blade issues.

Renewable NRG_id1934
Hybrid Energy Innovations 2015
BG 2015DblBox_id2032